The M&A deal team: who to bring in and how to coordinate them
The success of a merger or acquisition depends on many factors, but one of the most important is putting together a strong, close-knit M&A deal team. Here is how your deal team should work together, who sits on it, and why a cohesive unit makes the difference.
What is an M&A deal team?
An M&A deal team brings together everyone who runs a transaction from start to finish: the owners and shareholders, the M&A adviser, the lawyer, the chartered accountant, the tax adviser and the finance function. Each contributes specific expertise; it is how they are coordinated that turns a project into a successful deal.
How should your M&A team work together?
Successful M&A teams share a few key traits. First, roles are clear and defined. Every team member knows their role and understands how it fits into the overall project, which avoids confusion and duplicated effort.
Effective communication is another hallmark of a successful deal team. Everyone needs to know what is happening at every stage of the process. It also means being open to input and feedback from every team member. Finally, good communication requires the ability to give and receive constructive criticism.
Successful M&A teams are also built on trust. That does not mean there are no disagreements – healthy debate is in fact essential to make sure every base is covered – but team members know they can rely on one another to do their job well and to support each other.
Why does a cohesive deal team matter?
Mergers and acquisitions involve many moving parts, so a team that works well together is essential. A cohesive unit spots potential problems early and finds solutions quickly. It is also better placed to execute the plan smoothly and efficiently, which is crucial when time is often short. Above all, a close-knit team simply gets things done – and does them well.
Who is on an M&A deal team?
The M&A adviser
Leads the deal from end to end: strategy, valuation, identifying targets or buyers, negotiation and coordination of all the parties involved.
The M&A lawyer
Makes the transaction legally secure: legal due diligence and drafting of the letter of intent (LOI), the share purchase agreement (SPA) and the warranties and indemnities.
The chartered accountant
Carries out the financial due diligence: analysis of the accounts, normalisation adjustments, validation of underlying profitability and key issues to watch.
The tax adviser
Optimises and secures the tax structure of the deal, in line with the chosen legal structure.
The owners & shareholders
Set the strategic vision, take the key decisions and lead the final negotiation alongside their advisers.
The finance function (CFO / FD)
Provides and checks the financial data, prepares the financing and monitors key indicators throughout the process.
In-house team or external M&A advisers?
The in-house team
- In-depth knowledge of the company and its market
- Strategic vision and decision-making authority
- First-hand financial and operational data
- Continuity after the deal, particularly for post-acquisition integration
External advisers
- Dedicated expertise (M&A, legal, tax, audit)
- Objectivity and perspective on valuation and risks
- Access to deal flow and to buyers / targets
- Capacity to absorb the workload without slowing down the business
Conclusion: build your M&A deal team early
A coherent, high-performing M&A deal team brings many benefits. If you are considering a transaction, take the time to build a strong team – it can make all the difference between success and failure. To support this coordination with the right tools, see also our article on M&A software.
When to bring in each member of the deal team
Putting together the right team is not enough: each member also needs to come in at the right time. A team brought in too late discovers problems when they are costly to fix; a team brought in too early burns fees on issues that are not yet ripe. Here is a typical sequence for an SME acquisition.
- Scoping phase. The owner, the finance function and the M&A adviser define the thesis, the budget and the financing capacity. The tax adviser can be consulted at this stage if the choice of an acquisition holding company arises, as it shapes everything that follows.
- First contacts. The adviser approaches counterparties and has them sign a non-disclosure agreement; our article on the NDA in M&A recalls what it must protect.
- Offer and letter of intent. The lawyer comes in to review or draft the letter of intent, whose exclusivity and conditions precedent clauses commit the whole of what follows.
- Audits and financing. The chartered accountant and the lawyer conduct the due diligence while the finance function and the adviser finalise the acquisition financing with banks and funds.
- Closing and integration. The external advisers gradually step back; the internal team takes over the hundred-day plan.
Questions to ask before choosing your advisers. Before signing an engagement letter, ask each adviser which comparable deals they have handled, who will actually work on your file, how and when they will be paid, and how they will work with the other members of the team. For the M&A adviser in particular, our guide to choosing an M&A adviser offers a set of criteria. A vague answer on coordination is often the first sign of a team that will work in silos.
M&A deal team: frequently asked questions
Who is on an M&A deal team?
Typically: the owners and shareholders, an M&A adviser, an M&A lawyer, a chartered accountant, a tax adviser and the finance function. On larger deals, an integration adviser and sector specialists are sometimes added.
Why work with an M&A adviser?
The M&A adviser runs the process, values the company, identifies and approaches counterparties, leads the negotiation and keeps the process secure. They save you time and give you access to qualified deal flow.
What does a lawyer do in an acquisition?
The lawyer makes the deal legally secure: they carry out the legal due diligence, draft the letter of intent, the share purchase agreement and the warranties and indemnities, and ensure regulatory requirements are met.
How do you coordinate the different experts on a deal?
By appointing a lead (the M&A adviser), defining clear roles, setting up regular communication and centralising documents in a shared data room.
Sources and references
- Taking control of a company by buying its shares — Bpifrance Création
- Code de commerce, art. L430-1 to L430-10 — merger control — Légifrance
- Code du travail, art. L1224-1 — continuation of employment contracts when the employer’s legal situation changes — Légifrance
Content written and reviewed by the Collaboration Capital team. These references are provided for information only and do not replace legal or tax advice tailored to your situation.
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